For far too long, emerging markets and developing countries have played
a subservient role in the global economy.
This book builds a compelling case that a new settlement is needed, that
rebalances power, well beyond existing arrangements such as the G20, and
creates a shared vision to build economic growth and prosperity. The alternative
is a world which lurches from crisis to conflict, jeopardising peace
and prosperity. The very phrase “emerging markets” connotes that some
countries are still developing and cannot compete with mostly Western
global economic heavyweights. But the rise of China and India has not
been isolated phenomena, with many other emerged countries also becoming
confident about their place in the world: these are emerged markets,
not the Global South or the Third World. Although these emerged countries
now dominate global trade and investment and are the biggest champions
of globalisation, their dramatic increase in economic weight has not
led to a commensurate increase in clout and influence on the world stage,
due to fundamentally unchanged World War II‑ra structures and apparatus.
Written by a global economics insider who has been in the room in
multilateral, national, and private sector organisations, this book argues
that the developed and emerged worlds should be positioned as equal economic
partners, requiring dramatic adjustments in perceptions and power
on the part of the developed world. Though clear‑yed about the ills that
continue to exist in the emerged world, Vasuki Shastry explains why rich
countries should be willing and open to learn from their success stories.
He presents a reimagined narrative for the global economy, with more
collaboration, less finger‑ointing, and a confluence of equals in managing
profound economic risks and opportunities, now and in the future.
Leaders in business, NGOs, and government, as well as students of business
and international relations, will appreciate this thoughtful examination
of what could happen if emerged and developed markets worked as
equal partners for the common good.